Letter to the Administration Urging Immediate Action on Debt Ceiling

We write as chief executive officers of major U.S. companies to urge you, our elected leaders, to enact legislation now that raises the debt limit and puts the United States on an immediate and real path toward fiscal responsibility. From our experience and with conviction we can tell you: inaction poses an unacceptable financial risk to the nation’s economic growth and job creation.

There is no doubt that failure to lift the debt limit to meet U.S. obligations will raise the costs of borrowing for our companies as well as the thousands of small business suppliers who are a driving force in the creation of new jobs.

Effects of default will reverberate throughout the economy, throttling growth, discouraging hiring and casting serious doubt about any long-term recovery. The United States would become a less attractive place to invest and operate. Failure to act now will further exacerbate the difficulties in addressing the long-term issues of government size and spending. Not only will America’s creditworthiness suffer, so will America’s credibility.

We have been speaking with increasing urgency about the economic harm caused by the inability to predict what the federal government might do in terms of regulations, taxes, spending and borrowing. The current impasse only magnifies such uncertainty. Our elected leaders must come to an agreement that preserves America’s global reputation and economic vitality.

There is no more time for delay. Inaction has unacceptable consequences. We urge you in the strongest possible terms to enact legislation now that lifts the debt ceiling with a serious plan that puts America on a true path to a sound fiscal future.

Invested in America

economy to supporting a healthy and well-educated workforce, to creating a sustainable future, business is invested in America. Business Roundtable members understand that when America succeeds, they succeed.